How then, do we move backwards? How does a society, with most of the people having no clue of future events, move from being dependent on a vast and intertwined network of goods and services produced by the indigenous people of whereever, to a local resource and renewable energy based society, and do so in the timeframe available (20-30 years using the most liberal extimates, 10-20 with resonable estimates, 5-10 with worst case scenarios), all the while prices on everything increasing, world politics getting more militaristic, governments continuously reducing civil liberties, shortages of goods on the market and weather patterns resembling bad Hollywood movies?
Posted: Sun May 13, 2007 3:59 am Post subject: OPEC on the rails. Oman’s crude oil exports fall 10.9pc !
umm, should be interesting. will we get a clearer idea?
Quote:
Opec will face pressure to boost output: Kuwait; Kuwait plans major shake-up in oil sector
KUWAIT (Agencies): Opec will come under pressure to increase oil output due to high prices, a newspaper on Saturday quoted the Kuwaiti oil minister as saying. “For sure, there will be strong pressure on Opec to raise production,” Sheikh Ali al-Jarrah al-Sabah told Kuwaiti daily al-Qabas, without elaborating from whom the pressure might come. The International Energy Agency (IEA) on Friday called on the Organization of the Petroleum Exporting Countries (Opec) to raise oil output before the summer to prevent a sharp decline in consumer nations’ crude oil stocks.
Sheikh Ali said oil prices were high due to geopolitical factors such as the West’s row with Iran over Tehran’s nuclear ambitions and abductions of oil workers in Nigeria.
“We should not forget that political and security factors do account for not less than 20 percent of the oil price,” he said.
He said that news of a meeting between U.S. Secretary of State Condoleezza Rice and her Iranian counterpart had knocked $1.50 per barrel from the price of oil, while abductions in Nigeria’s oil industry had added $2.
“But Opec is optimistic about price stability in the future,” he said.
In a separate interview with Kuwaiti daily al-Wasat, he said Opec was always ready to meet if circumstances required.
“For in the end it is in our interest to protect the market. It is necessary that we don’t look at short-term profits that can destroy the market,” he said.
Oil Minister Sheikh Ali Jarrah al-Sabah said he plans a major shake-up in Kuwait’s oil sector by promoting young staff to top posts, in comments published on Saturday.
“What I have noticed is that the oil sector (management) has become flabby ... Now I plan to promote people from the second and third lines to the top ... We have to tell certain officials thank you,” Sheikh Ali told Al-Qabas daily.
The new appointments will be announced in September, said Sheikh Ali who took over as energy minister in July and was retained in a new cabinet formed in March.
Last month, the chief executive officer of national oil conglomerate Kuwait Petroleum Corp (KPC) Hani Hussein tendered his resignation which was accepted by Sheikh Ali, saying it was for personal reasons.
Promoted
Hussein had served for some three decades in the emirate’s oil sector and was promoted to the top post in August 2004.
KPC was established in the early 1980s to oversee the emirate’s oil industry inside and outside Kuwait. Along with its several subsidiaries it controls huge crude reserves.
Sheikh Ali also confirmed to Al-Wasat newspaper that the emirate’s proven oil reserves have fallen to 48 billion barrels, as reported last year by Petroleum Intelligence Weekly, down from an announced 100 billion barrels.
However, he said Kuwait has additional probable reserves of around 150 billion barrels, especially after recent discoveries.
Last month, Kuwait announced a significant oil and gas discovery in the northern Dhabi area, without giving details of quantities. The emirate also announced a huge free gas discovery in 2006.
The minister said the discoveries would speed up the country’s plans to raise production capacity to four million barrels per day (bpd) as the target is expected to be achieved by 2012 instead of the planned 2020.
Opec member Kuwait currently pumps around 2.4 bpd.
Also:
MUSCAT: Oman’s crude oil and condensate production fell 6.2 percent to 64.39 million barrels in the first quarter of 2007, the official news agency ONA reported.
The average production of crude oil and condensates was 715,400 barrels per day, down from 763,000 bpd for the first quarter of last year, the agency said on Friday.
Oman’s crude oil exports declined 10.9 percent to 56.85 million barrels in the quarter from 63.78 million barrels in the same period last year. The Gulf Arab state’s natural gas production rose 11.2 percent in the period to 267.78 million cubic feet from 240.74 mcf, ONA said, quoting official statistics. Independent producer Oman has been trying to reverse an output decline that began in 2001. It announced plans last year to spend $10 billion over five years to boost oil and gas output.
Joined: Mar 26, 2005 Posts: 3671 Location: over here
Posted: Sun May 13, 2007 4:32 am Post subject: Re: OPEC on the rails. Oman’s crude oil exports fall 10.9pc
I think Oman peaked around 2000 at about 1 million bpd, the decline rate is indeed very steep; it spells disaster if these decline rates are reproduced by the other big ME supplyers. _________________ "The best thing about the future is that it comes only one day at a time."
Posted: Sun May 13, 2007 4:37 am Post subject: Re: OPEC on the rails. Oman’s crude oil exports fall 10.9pc
Bas wrote:
I think Oman peaked around 2000 at about 1 million bpd, the decline rate is indeed very steep; it spells disaster if these decline rates are reproduced by the other big ME supplyers.
Joined: Apr 28, 2005 Posts: 3334 Location: West shore Lake Eire, MI, USA
Posted: Sun May 13, 2007 4:58 am Post subject: Re: OPEC on the rails. Oman’s crude oil exports fall 10.9pc
Some good numbers to play with from your links
Quote:
Oman's crude oil and condensate production fell 6.2 per cent to 64.39 million barrels in the first quarter of 2007.
The average production of crude oil and condensates was 715,400 barrels per day, down from 763,000 bpd for the first quarter of last year, the official news agency ONA reported.
Oman's crude oil exports declined 10.9 per cent to 56.85 million barrels in the quarter from 63.78 million barrels in the same period last year.
If daily production averaged 715,400/d then the first quarter would be 64,386,000 so the 64.39 figure is internally consistant. The crude oil exports declined to 56,850,000/q or 631,667/d meaning that internal consumption now averages 83,733bbl/d
Wasn't Oman the test country for multiple horizontal completions where the super straw effect was proven to exist? Or was that next door in the UAE? In either case a production decline coupled with a consumption increase lead to a net export decline of almost 11%. Following that rate will lead to a halving of exports in 2012, down to 31.89 first quarter 2012 or 354,333bbl/d, a virtual drop in the bucket to world supplies. _________________ Oxygen: - An intensely habit-forming accumulative toxic substance. As little
as one breath is known to produce a life-long addiction to the gas, which addiction invariably ends in death.--Isaac Asimov
Joined: Aug 11, 2005 Posts: 637 Location: Eastern NC
Posted: Sun May 13, 2007 7:46 am Post subject: Re: OPEC on the rails. Oman’s crude oil exports fall 10.9pc
Oil Minister Sheikh Ali Jarrah al-Sabah said he plans a major shake-up in Kuwait’s oil sector by promoting young staff to top posts, in comments published on Saturday.
“What I have noticed is that the oil sector (management) has become flabby ... Now I plan to promote people from the second and third lines to the top ...
Is this the definition of rearranging deck chairs on a sinking ship?
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